™Your Policy Risk Impact Agent
858 sections in this chapter.
Neb. Rev. Stat. § 30-2744 Terms, conditions, and forms for registration.
2.1K chars
(a) A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests (i) for registrations in beneficiary form, and (ii) for implementation of registrations in beneficiary form, including request…
Neb. Rev. Stat. § 30-2745 Application of sections.
0.2K chars
Sections 30-2734 to 30-2745 apply to registrations of securities in beneficiary form made before, on, or after September 9, 1993, by decedents dying on or after such date.
Neb. Rev. Stat. § 30-2746 Sections, how construed.
0.1K chars
Sections 30-2715 to 30-2746 shall be so construed as to effectuate their general purpose to make uniform the law of those states which enact them.
Neb. Rev. Stat. § 30-2901 Time for taking effect; provisions for transition.
1.2K chars
(a) This code shall become operative on January 1, 1977. (b) Except as provided elsewhere in this code, on the operative date of this code: (1) the code applies to any wills of decedents dying thereafter; (2) the code applies to any proceedings in court then pending or thereafter…
Neb. Rev. Stat. § 30-2902 Terms, defined; Revisor of Statutes; duties.
0.4K chars
Whenever in the statutes of Nebraska, unless the context otherwise requires: (1) The term incompetent person or words of similar import occur they shall be taken to mean and apply to incapacitated person or incompetent person as used in this code; and (2) The term guardian shall …
Neb. Rev. Stat. § 30-3001 Decedent's estate; all or any part to state; notice to Attorney General.
0.4K chars
Whenever, upon the filing of a petition for probate or administration or thereafter in the administration of any estate, it shall appear that all or any part of the estate is bequeathed or devised or will escheat to the State of Nebraska, the county judge shall, before the appoin…
Neb. Rev. Stat. § 30-3116 Act, how cited.
0.1K chars
Sections 30-3116 to 30-3149 shall be known and may be cited as the Uniform Principal and Income Act.
Neb. Rev. Stat. § 30-3117 Definitions.
2.8K chars
For purposes of the Uniform Principal and Income Act: (1) Accounting period means a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins …
Neb. Rev. Stat. § 30-3118 Fiduciary duties; general principles.
1.9K chars
(a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of sections 30-3122 to 30-3126, a fiduciary: (1) shall administer a trust or estate in accordance with the terms of the trust or the will, even if ther…
Neb. Rev. Stat. § 30-3119 Trustee's power to adjust.
5.7K chars
(a) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets as a prudent investor, the terms of the trust describe the amount that may or must be distributed to a beneficiary by referring to t…
Neb. Rev. Stat. § 30-3119.01 Conversion to total return trust.
17.7K chars
(1) Unless expressly prohibited by a trust, a trustee may release the power to adjust described in section 30-3119 and convert a trust to a total return trust as described in this section if all of the following apply: (a) The trustee determines that the conversion will enable th…
Neb. Rev. Stat. § 30-3120 Judicial control of discretionary powers.
3.2K chars
(a) A court shall not change a fiduciary's decision to exercise or not to exercise a discretionary power conferred by the Uniform Principal and Income Act unless it determines that the decision was an abuse of the fiduciary's discretion. A court shall not determine that a fiducia…
Neb. Rev. Stat. § 30-3121 Proposed action; notice; objections.
2.9K chars
(a) A trustee may give a notice of proposed action regarding a matter governed by the Uniform Principal and Income Act as provided in this section. For purposes of this section, a proposed action includes a course of action and a decision not to take action. (b) The trustee shall…
Neb. Rev. Stat. § 30-3122 Determination and distribution of net income.
3.8K chars
After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply: (1) A fiduciary of an estate or of a terminating income interest shall determine the amount of net income and net principal receipts received from property spe…
Neb. Rev. Stat. § 30-3123 Distribution to residuary and remainder beneficiaries.
2.2K chars
(a) Each beneficiary described in subdivision (4) of section 30-3122 is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one d…
Neb. Rev. Stat. § 30-3124 When right to income begins and ends.
1.3K chars
(a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income inter…
Neb. Rev. Stat. § 30-3125 Apportionment of receipts and disbursements when decedent dies or income interest begins.
1.5K chars
(a) A trustee shall allocate an income receipt or disbursement other than one to which subdivision (1) of section 30-3122 applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or succ…
Neb. Rev. Stat. § 30-3126 Apportionment when income interest ends.
1.2K chars
(a) In this section, undistributed income means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the …
Neb. Rev. Stat. § 30-3127 Character of receipts.
2.1K chars
(a) In this section, entity means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or estate to which section 30-31…
Neb. Rev. Stat. § 30-3128 Distribution from trust or estate.
0.5K chars
A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or e…
Neb. Rev. Stat. § 30-3129 Business and other activities conducted by trustee.
1.6K chars
(a) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's general accounting records, the trustee may mainta…
Neb. Rev. Stat. § 30-3130 Principal receipts.
1.1K chars
A trustee shall allocate to principal: (1) to the extent not allocated to income under the Uniform Principal and Income Act, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a con…
Neb. Rev. Stat. § 30-3131 Rental property.
0.6K chars
To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received …
Neb. Rev. Stat. § 30-3132 Obligation to pay money.
1.0K chars
(a) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any provision for amortization o…
Neb. Rev. Stat. § 30-3133 Insurance policies and similar contracts.
0.9K chars
(a) Except as otherwise provided in subsection (b) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its truste…
Neb. Rev. Stat. § 30-3134 Insubstantial allocations not required.
0.9K chars
If a trustee determines that an allocation between principal and income required by section 30-3135, 30-3136, 30-3137, 30-3138, or 30-3141 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in subsection (c) of sect…
Neb. Rev. Stat. § 30-3135 Deferred compensation, annuities, and similar payments; allocation to principal and income.
4.2K chars
(a) In this section: (1) Payment means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in exchange for future payments. The term includes a payment ma…
Neb. Rev. Stat. § 30-3135.01 Trust; marital deduction; when provisions applicable.
0.5K chars
Section 30-3135, as amended by Laws 2009, LB 80, applies to a trust described in subsection (d) of section 30-3135 on and after the following dates: (1) If the trust is not funded as of February 27, 2009, the date of the decedent's death; (2) If the trust is initially funded in t…
Neb. Rev. Stat. § 30-3136 Liquidating asset.
0.8K chars
(a) In this section, liquidating asset means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a…
Neb. Rev. Stat. § 30-3137 Minerals, water, and other natural resources.
1.8K chars
(a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows: (1) If received as nominal delay rental or nominal annual rent on a lease, a receipt must be alloca…
Neb. Rev. Stat. § 30-3138 Timber.
1.8K chars
(a) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts: (1) to income to the extent that the amount of timber removed from the land does not exceed the rate of growt…
Neb. Rev. Stat. § 30-3139 Property not productive of income.
1.0K chars
(a) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under se…
Neb. Rev. Stat. § 30-3140 Derivatives and options.
1.3K chars
(a) In this section, derivative means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or…
Neb. Rev. Stat. § 30-3141 Asset-backed securities.
1.3K chars
(a) In this section, asset-backed security means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner the right to r…
Neb. Rev. Stat. § 30-3142 Disbursements from income.
0.9K chars
A trustee shall make the following disbursements from income to the extent that they are not disbursements to which subdivision (2)(B) or (C) of section 30-3122 applies: (1) one-half of the regular compensation of the trustee and of any person providing investment advisory or cus…
Neb. Rev. Stat. § 30-3143 Disbursements from principal.
1.7K chars
(a) A trustee shall make the following disbursements from principal: (1) the remaining one-half of the disbursements described in subdivisions (1) and (2) of section 30-3142; (2) all of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or t…
Neb. Rev. Stat. § 30-3144 Transfers from income to principal for depreciation.
0.8K chars
(a) In this section, depreciation means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year. (b) A trustee may transfer to principal a reasonable amount of the net cash receipts from a princ…
Neb. Rev. Stat. § 30-3145 Transfers from income to reimburse principal.
1.4K chars
(a) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursement…
Neb. Rev. Stat. § 30-3146 Income taxes.
1.0K chars
(a) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. (b) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing author…
Neb. Rev. Stat. § 30-3147 Adjustments between principal and income because of taxes.
1.7K chars
(a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from: (1) elections and decisions, other than those described in subsection (b) of t…
Neb. Rev. Stat. § 30-3148 Uniformity of application and construction.
0.2K chars
In applying and construing the Uniform Principal and Income Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
Neb. Rev. Stat. § 30-3149 Application of act to existing trusts and estates.
0.2K chars
The Uniform Principal and Income Act applies to every trust or decedent's estate existing on September 1, 2001, except as otherwise expressly provided in the will or terms of the trust or in the act.
Neb. Rev. Stat. § 30-3201 Investment of funds; prudent investor rule.
0.4K chars
Except as may be otherwise provided in section 8-318, or otherwise provided by law or by the instrument creating the fiduciary relationship involved, each and every trustee, guardian, conservator, executor, or administrator, whether appointed by the courts of this state, or actin…
Neb. Rev. Stat. § 30-3202 Sections; applicability.
0.1K chars
Sections 30-3201 and 30-3207 shall apply to fiduciary relationships now in existence or hereafter established.
Neb. Rev. Stat. § 30-3203 Section; applicability.
0.1K chars
Section 30-3201 shall apply to fiduciary relationships whether now in existence or established after November 18, 1965.
Neb. Rev. Stat. § 30-3204 Securities received by fiduciary; investments authorized.
0.9K chars
Trust funds received by administrators, executors, trustees or guardians may be kept invested in the securities received by them unless it shall be otherwise ordered by the court of appointment or unless the instrument under which such trust was created shall direct that a change…
Neb. Rev. Stat. § 30-3205 Fiduciary; interests in private investment fund, investment company, or investment trust; investments authorized; bank or trust company; investments authorized.
2.7K chars
(1) Notwithstanding the prohibition on investments in section 8-224.01, a fiduciary holding funds for investment may invest such funds in securities of, or other interests in, a private investment fund or any open-end or closed-end management-type investment company or investment…
Neb. Rev. Stat. § 30-3207 Bank or trust company; common trust funds authorized; investments; conditions.
0.6K chars
Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as cofiduciaries, and may, as such fiduciary or cofiduciary, invest funds which it law…
Neb. Rev. Stat. § 30-3208 Bank or trust company; powers.
1.1K chars
(1) Notwithstanding the provisions of sections 30-3201 and 30-3207, any bank or trust company qualified to act as fiduciary in this state may: (a) Establish and maintain common trust funds for the collective investment of funds held in any fiduciary capacity by it or by another b…
Neb. Rev. Stat. § 30-3209 Corporate trustee; retirement or pension funds of governmental employees; investments authorized.
6.2K chars
(1) Corporate trustees authorized by Nebraska law to exercise fiduciary powers and holding retirement or pension funds for the benefit of employees or former employees of cities, villages, school districts, or other governmental or political subdivisions may invest and reinvest s…